企业捐赠行为与公司价值重构——基于公众价值观的分析

对现代公司而言,社会公众的道德诉求能否与公司经济利益相兼容,是企业捐赠行为研究中难以回避的一个重要问题。由于引入投资者效用函数使得公众利益与"股东"利益保持一致,因而可以通过建模从理论层面上探讨企业捐赠行为与实现公司价值重构的可能性及其相关条件。结果表明:虽然捐赠减少了公司的现金流量,但投资者的价值认同使其在资本市场上依然能够实现较高的公司价值。因此,公众价值观的偏好程度及投资者对公司的溢价激励直接决定了公司价值的高低,即企业捐赠存在的合理与否。而培育理性的公众价值观是实现这种激励的重要保障。

Enterprise Donation and Reconstruction of Corporate Value:Based on Analysis of Public Values

For the modern joint stock companies, whether the moral appeals of the public can be compatible with corporate value has been a very important issue in the research world. This paper uses investor′s utility function to model the enterprise donation behavior, and discusses the conditions in principle, under which corporate philanthropy can reconstruct the corporate value. The conclusion indicates that public ethical values are original incentive to encourage the enterprises to donate. Although the donations reduce the cash flow of the enterprises, the corporate can still achieve high value in the capital market because it caters investors′ values. Therefore, it is an important guarantee of realizing the incentive to foster rational public ethical values.